Light Management System Market to be worth 21.51 Billion US$ by 2023
According to a report by MarketsandMarkets, the light management system market is expected to grow from an estimated US$ 11.66 Billion in 2018 to US$ 21.51 Billion by 2023, at a CAGR of 13.03%, during the forecast period. The increasing adoption of energy-efficient lighting automation systems is the major driver of the lighting management system market. The growing demand for building automation in North America and Europe make them potential growth markets for the providers of lighting management systems.
The commercial segment is expected to account for the largest share of the light management system market during the forecast period.
Light management systems are used widely in commercial set-ups such as corporate offices, healthcare facilities, retail complexes, hotels, restaurants, and educational institutes. Reducing energy consumption has become a major objective for organisations, governments, utilities, and other stakeholders. Controls and connectivity enable the personalisation of lighting as well as allow users to reduce energy use, optimise spaces, and lower maintenance costs.
Increasing preference for dimming control management
Dimming control management is used to reduce the energy consumption of light sources and, consequently, the intensity and output of those light sources. Compared to on-off switching controls, they can improve energy savings, better align lighting with human needs, and help extend the working life of light sources.
North America: Expected to be the leading market for light management systems during the forecast period.
In this report, the light management system market has been analysed with respect to 5 regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The North American market is expected to lead the light management system market in 2018. The growing demand for building automation in Asia Pacific and North America make them potential growth markets for the providers of lighting management systems. Moreover, increasing smart city developments in different parts of the world will provide new opportunities during the forecast period.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the light management system market. These players include GE (US), Philips Lighting (Netherlands), Eaton (Ireland), Zumtobel (Austria), and OSRAM (Germany).